August 31, 2017

CFPB releases support material for 2017 TILA-RESPA Rule

In connection with its July 2017 final rule updating its "Know Before You Owe" mortgage disclosure rule, the Consumer Financial Protection Bureau has released support material to assist stakeholders in implementing the final rule. The CFPB's final rule, dubbed the "2017 TILA-RESPA Rule," modified the mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Reg. Z.

The support material, entitled "2017 TILA-RESPA Rule: Detailed Summary of Changes and Clarifications," provides a comprehensive summary of the 2017 TILA-RESPA Rule, as well as examples of how to apply the final rule's provisions. The Bureau stressed that the support material "is not a substitute for reviewing the 2017 TILA-RESPA Rule" and that "the 2017 TILA-RESPA Rule is the definitive source regarding its requirements."